Looking for the best way to balance transfer!

mikeday1991

Hello everyone!

Long time lurker here :j

Just looking for a bit of advice in relation to balance transfer cards for people with poor credit ratings!

Bit of background...
I'm a 22 year old home owner, earning 16,000GBP per year. I have 2 credit cards, one a Lloyds Avios duo thing; limit £2000, balance £1800 used for home improvements
The other, a Halifax Mastercard; Limit, £650, balance £450. Used to keep car on the road etc.
Now I'm not really using these now, just paying them both off with copious amounts of interest.
What I'd love to do is get a credit card with a limit of £2500 0% for a year or so and pay it all off!

According to Experian my credit rating is poor at 652 (taken a beating with all the mortgage applications etc)

What is my best approach. Pay off the Halifax one, then apply for a Balance transfer card (thinking I couldn't have three CC's at a time??) or can I apply for a third and then Transfer the two balances?

Many many thanks in advanced!

Mike

Herbalus

You can have 3 credit cards at once. I'm a student and I have 3. That's not a reason why you wouldn't be able to get another one.

Ignore your credit 'score', and don't pay for it any longer if you're paying to view that, because it's an invented number. What is more important is late payments, defaults, CCJs etc. Do you have any of those? If you do your choices are limited. And if you've moved recently, are you on the electoral role? You need to get on that if you're applying for another card.

As to which card you should pay off first, which has the highest interest rate? That's the most urgent.

Have a look at the balance transfer cards on this site. Remember you'd have to apply for a non-Halifax, non-lloyds card to transfer to.

moshoodo1

Try MBNA eligibility check and see if you might get it.

https://apply.mbna.co.uk/UKNeoCCapp/entry?sc=1UCMMBNIMB0031D&mc=UCMMBN003LJ